Posted: Apr 3, 2013 7:52 AM by AP
Officials say the Tangipahoa Parish school system is projecting a $9.3 million shortfall for 2013-14 that would drive the district's general fund balance below 1 percent of total expenditures.
Chief Financial Officer Bret Schnadelbach told the school board's finance committee Tuesday policy mandates a minimum general fund balance of 7 percent of total expenditures.
The Advocate reports the district projects $127.4 million in general fund revenue for 2013-14, while general fund expenses are projected at $136.7 million.
With an estimated general fund balance of $9.6 million going into 2013-14, Schnadelbach said the projected deficit would leave less than $300,000 - or 0.21 percent of total revenues - in the fund.